California’s New Short Sale Recourse Law and California Anti Deficiency Law History
[caption id="attachment_4294" align="aligncenter" width="231"] The Original Anti Recourse Laws For First Mortgages Were Written During The Great Depression[/caption] Sacramento Short Sale Specialist, Expert Short Sale Negotiator and Multi-Certified Folsom Short Sale Agent Forth Hoyt reports: The history of California Short Sale Recourse Law, California anti deficiency law and mortgage debt relief law in California. Starting January 1, 2011: No Recourse on Short Sales that have been approved by a first mortgage holder. PERIOD! During the great depression, California had to deal with a huge percentage of homes going into foreclosure. Legislature in California was passed and laws were written to protect homeowners from recourse, after foreclosure. Back then, most mortgages were never refinanced (very short terms) and there weren't many short sales. So the...
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